17 Mar 2023

L&T Finance is looking for buyers for a distressed real estate portfolio that includes loans granted to the Pune-based Xrbia Group according to reports published in ET Realty. The corporation has requested proposals for a loan book totalling Rs 880 crores that were issued to five Xrbia Group companies according to the sources. L&T has not established a reserve price for the portfolio but is still accepting expressions of interest (EoI) from asset reconstruction companies.Read more

16 Mar 2023

The Delhi Development Authority (DDA) has filed a complaint with the Central Bureau of Investigation (CBI) regarding alleged lapses in the construction of Signature View Apartments in South Delhi. According to the complaint, the builder,M/s Antriksh India Group, had promised to construct 2,352 flats but only 1,712 have been built. Moreover, the builder had promised to construct three towers, but only two have been built and the third one is yet to be constructed.Read more

15 Mar 2023

Jaiprakash Associates has approached the insolvency appellate tribunal NCLAT against the NCLT order concerning the distribution of Rs 740 crores in the Jaypee Infratech matter. The amount in question was deposited by Jaiprakash Associates Ltd (JAL), the erstwhile promoter of Jaypee Infratech Ltd (JIL), which is undergoing insolvency proceedings since August 2017. According to sources, JAL has challenged the NCLT order over the distribution of the money. The matter is scheduled to be herd before a two-member bench of the NCLAT today.Read more

14 Mar 2023

In a quadripartite deal between the developers and the project's financiers, Mirae Asset and JM Financial, a stressed Rajesh LifeSpaces project close to Mumbai's business centre Bandra-Kurla Complex (BKC) has been acquired by real estate developer Labdhi Lifestyle. The execution of the mixed-use project which is being headed by a luxury residential development will now fall under the purview of the new developer. In addition to repaying the debt obtained from both lenders, Labdhi Lifestyle will invest more than Rs.200 crore in the project's development.Read more

14 Mar 2023

Residents of Lower Parel's 46-story Indiabulls Sky are criticising the increasing encroachments in their neighbourhood. They claim that squatters have almost completely surrounded the high-rise. Residents claim that despite multiple complaints to the BMC they have not received a meaningful response. According to the locals, the encroachers engage in a variety of activities including cooking food, washing clothing, and drying them on the street railings.Read more

14 Mar 2023

According to sources, the CBI has detained Harchand Singh Gill, director of a Pearls Group subsidiary who was deported from Fiji in relation to a Rs 60,000 crore ponzi scheme that was allegedly carried out by the parent company. Gill had an open-dated Non-Bailable Warrant of Arrest against him issued by a special court and was evading justice in the case. The CBI is said to have used Interpol to get a "Red Notice" declared on him.Read more

14 Mar 2023

The takeover of Jaypee Infratech Ltd. (JIL) by Suraksha Realty and Lakshdeep Investments and Finance was approved by the National Company Law Tribunal (NCLT) providing relief for 20,000 homebuyers who purchased the houses by Jaypee in Noida and Greater Noida. The development has occurred six years after Jaypee Infratech began the insolvency process. The Interim Resolution Professional has been ordered by the two-member NCLT bench to establish an implementation monitoring committee within seven days.Read more

14 Mar 2023

As part of the approved resolution plan ordered by NCLT, Suraksha Realty and Lakshdeep Investments and Finance Limited have been given a time frame of two years to complete all stalled Jaypee Infratech projects in the country. The groups will invest approximately Rs 4,300 crore of the entire sum to finish the projects deliver the apartments to homeowners and provide refunds. Of the projects in question, fifteen are in Noida, eight are adjacent to Yamuna Expressway and one is in Agra.Read more

10 Mar 2023

The Siddha Group has begun delivering flats at "Siddha Seabrook," its first high-end building in Mumbai. This 57-floor premium tower, touted as being the tallest residential tower in the area, is situated in Kandivali(W), Mumbai. The project comprises of 2 and 3 BHK apartments ranging between 496 to 1258 square feet. The complex offers homeowners with a wide range of lifestyle amenities as well as breath-taking views of Mumbai's cityscape set against Sanjay Gandhi National Park.Read more

09 Mar 2023

According to a BSE statement by Sobha Realty, Ravi PNC Menon, the company’s full-time director, has resigned from his role, effective from March 31, 2023, due to some commitments and personal reasons. He will continue to serve as a non-executive non-independent director of the firm starting on April 1, 2023. He will continue to serve as the company's chairman (non-executive) subject to the board's permission. Under his leadership, Sobha Limited won several awards and recognition for its projects and contributions to the real estate industry.Read more